What If Apple Has Sold Fewer Than 1 Million iPhones

AT&T (T) announced today that it had only activated 146,000 Apple (AAPL) iPhones the first day that they were on sale. And, investment bank CIBC said that sales of the handset have slowed considerably in the last 10 days. CIBC said that AT&T Wireless stores had plenty of supply and little traffic.

The research call explains that customers are disappointed with Apple's connection speed. It goes on to speculate that Apple and AT&T may be rushing to get out a 3G device by Christmas.

If the information is accurate, it means that the quarter that will be reported about 90 days from now could be a significant disappointment, and that eyes will be on Apple's earnings report this week for info on how the device has sold in July.

Douglas A. McIntyre